Top Bank Accounts Discussion Area

innovate

ghandi.manning wrote: »

When it says "You must transfer a salary of at least £1,000 a month"

I know of no bank whose T&Cs actually say that. It usually is a "minimum monthly payment" that the T&Cs define. When you apply for an account, you will usually be asked what your income is. Income can come from various sources, it does not have to be salary.

grumbler

innovate wrote: »

I know of no bank whose T&Cs actually say that. It usually is a "minimum monthly payment" that the T&Cs define.

I don't remember what the T&C define (and if they exist for the £100 bonus at FD), but what FD say is:

...transfer your ... salary/income of at least £1,500 per month..

ghandi.manning

Grumbler, I think you're probably right, the T&Cs indicate that a salary is needed..

grumbler wrote: »

...transfer your ... salary/income of at least £1,500 per month..

Otherwise, I could consecutively open up new accounts with each of the banks offering the bonus and have standing orders setup between them to simply shift around the £1000, or whatever limit required.

ghandi.manning

New Questions

After having transferred to Santandar over a year ago for their £100 bonus, if I switch to another bank today for their bonus, how long would my Santander account need to be closed for me to be classed as a 'New Customer' next time they have a promo offer?

And would this length of time be standard for all banks or vary between them?

Thanks,
Ghandi

grumbler

ghandi.manning wrote: »

Grumbler, I think you're probably right, the T&Cs indicate that a salary is needed..



Otherwise, I could consecutively open up new accounts with each of the banks offering the bonus and have standing orders setup between them to simply shift around the £1000, or whatever limit required.

Don't take me wrong; I didn't mean to say that all the banks have the same requirements. I was merely pointing out on what FD say.

Search the board for each bank or check the T&C for the bonus if they exist.

Re the time length, I don't know for Santander, but e.g. for FD there is no any time limit, i.e. you cant get the bonus again.

davidbrian55

we have a small non-profit making business, not a registered charity, that maintains the grounds on a private development. Turnover is only £3000 per year. HSBC had an offer for 18 months of free banking but now where should we go?

Is a business account essential? Ideas please.

grumbler

davidbrian55 wrote: »

... Ideas please.

Small Biz & Charities' MoneySaving board

purplestar133

I'm about to open the Nationwide FlexDirect account and will satisfy the £1000 a month funding requirement by transferring an amount in from my current account, out again and in again, as much as I need to. Does anyone know if I need to leave the money in for a certain amount of time to count towards the funding requirement, before I can take it out again?

i.e. if I transfer £250 by faster payment, can I then withdraw it again the same day and put it back in and out 3 more times, or do I need to wait for the following day before withdrawing?

innovate

No requirement for the length of time the money has to be in the account. It's a current account - - totally normal that you'd pay money in and out in rapid succession.

grumbler

purplestar133 wrote: »

I'm about to open the Nationwide FlexDirect account and will satisfy the £1000 a month funding requirement by transferring an amount in from my current account, out again and in again, as much as I need to. Does anyone know if I need to leave the money in for a certain amount of time to count towards the funding requirement, before I can take it out again?

i.e. if I transfer £250 by faster payment, can I then withdraw it again the same day and put it back in and out 3 more times, or do I need to wait for the following day before withdrawing?

Are you about to open it to take advantage of 5% interest rate? If so, it's easier to transfer £1000 in one go from this account to your current account, then back to FlexDirect.